Pan American Silver Corp. Presents at Denver Gold Forum, Sep-16-2014 02:00 PM
Sep 9 14
Pan American Silver Corp. Presents at Denver Gold Forum, Sep-16-2014 02:00 PM. Venue: Hyatt Regency, 650 15th Street, Denver, CO 80202, United States. Speakers: Steven L. Busby, Chief Operating Officer.
Pan American Silver Corp. Announces Unaudited Consolidated Earnings and Production Results for the Second Quarter and Six Months Ended June 30, 2014; Provides Production and Capital Expenditure Guidance for the Year 2014
Aug 13 14
Pan American Silver Corp. announced unaudited consolidated earnings and production results for the second quarter and six months ended June 30, 2014. For the quarter, the company reported net loss of USD 5,679,000 against USD 187,095,000 a year ago. Basic loss per share attributable to common shareholders was USD 0.04 against USD 1.23 a year ago. Adjusted earnings were USD 1,817,000 against adjusted loss of USD 18,629,000 a year ago. Basic adjusted earnings per share attributable to common shareholders were USD 0.01 against basic adjusted loss per share attributable to common shareholders of USD 0.12 a year ago. Mine operating earnings were USD 10,245,000 against USD 3,814,000 a year ago. Net cash generated from operating activities was USD 48,737,000 against USD 469,000 a year ago. Capital spending was USD 36,894,000 against USD 44,331,000 a year ago. The company generated USD 200.8 million in revenue during the second quarter of 2014, a 14% increase compared to the second quarter of 2013, due to higher quantities of all metals sold by the company, partially offset by substantially lower prices for silver, gold and copper. Mine operating earnings were increased compared to the second quarter of 2013. The improvement resulted from higher revenue on account of higher sales volumes, offset by a USD 10.0 million non-cash negative adjustment to the value of inventories. The increase in cash flows from operations was primarily attributable to higher cash mine operating earnings and significantly lower tax payments.
For the six months, the company reported net earnings of USD 1,081,000 against net loss of USD 167,019,000 a year ago. Basic earnings per share attributable to common shareholders were USD 0.01 against basic loss per share attributable to common shareholders of USD 1.10 a year ago. Adjusted earnings were USD 14,644,000 against USD 19,973,000 a year ago. Basic adjusted earnings per share attributable to common shareholders were USD 0.10 against USD 0.13 a year ago. Mine operating earnings were USD 41,821,000 against USD 78,630,000 a year ago. Net cash generated from operating activities was USD 84,862,000 against USD 32,720,000 a year ago. Capital spending was USD 73,705,000 against USD 84,024,000 a year ago.
For the quarter, the company reported silver metal production of 6.56 million ounces against 6.19 million ounces a year ago. Gold metal production was 37,700 ounces against 29,900 ounces a year ago. Zinc metal production was 11,400 ounces against 10,600 ounces a year ago. Lead metal production was 4,000 ounces against 3,500 ounces a year ago. Copper metal production was 1,900 ounces against 1,300 ounces a year ago. The increase in silver production was achieved due to production gains at all of the Company's operations, with the exception of Alamo Dorado and Morococha. The increase in gpld production was achieved because Dolores and Manantial Espejo produced 3,500 more ounces as a result of higher throughputs and grades. Zinc production rose on the back of higher grades at Morococha and higher throughput and recoveries at both Huaron and La Colorada; lead production rose mostly due to higher grades at Morococha; and copper production rose on substantially higher copper grades at Huaron.
For the six months, the company reported silver metal production of 13.18 million ounces against 12.64 million ounces a year ago. Gold metal production was 83,600 ounces against 62,000 ounces a year ago. Zinc metal production was 22,800 ounces against 20,300 ounces a year ago. Lead metal production was 7,600 ounces against 6,700 ounces a year ago. Copper metal production was 3,600 ounces against 2,300 ounces a year ago.
With silver and gold production during the first half of 2014 at or the company's expectations and with cash costs per Ounce at or below forecast, the company remains confident that it will achieve its guidance of annual consolidated production of 25.75 million ounces to 26.75 million ounces of silver and 155,000 ounces to 165,000 ounces of gold at AISCSOS of USD 17.00 to USD 18.00 and cash costs per ounce of USD 11.70 to USD 12.70. The company also confirms its forecast for 2014 annual sustaining capital of USD 95.5 million and project investment capital of USD 67.0 million.